First Industrial Revolution and Second Industrial Revolution: Technological Differences and the Differences in Banking and Financing of the Firms
Journal Title: Saudi Journal of Humanities and Social Sciences - Year 2017, Vol 2, Issue 11
Abstract
Abstract: The industrial revolution is explained in many different ways. It is explained as a rapid growth of the manufacturing industry, it is explained as the structural shift in the economy, the shift in which large population moved away from agriculture sector to the mining and manufacturing sector between mid-eighteenth and mid-nineteenth centuries. One other explanation is that industrial revolution is something where there was a continuous advancement in the national income. There were two industrial revolutions, first industrial revolution stayed from late eighteenth century to early nineteenth century. Then after 1825, the pace of the path-breaking inventions slowed down which marked the end of the first industrial revolution. The major technological developments again picked up in the late nineteenth century which led to the second industrial revolution. In this paper, major technological differences and differences in terms of banking and financing of firms between first and second industrial revolution were analyzed. It was concluded that technological developments like the invention of power loom and stream engine and improvement in the technology of iron making became the major reason behind the first industrial revolution. Technological developments in the industries of gas lightning, chemicals, glass making, transport machine and the paper machine played a major role the second industrial revolution. During the first industrial revolution increase in the number of country banks, the increased network of the joint and country banks and the coming of Bill-workers changed the banking and financing of firms. During second industrial revolution emergence of clearing banks and cheques, declining of bills and the institutions in which people could deposit their savings emerged which revolutionized the banking and financing of firms. Keywords: First Industrial Revolution, Second Industrial Revolution, Technology, Banking, Financing, Economic History
Authors and Affiliations
Harshit Agarwal, Rashi Agarwal
Keywords
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